- At 49, Tanzanian Mo Dewji is Africa’s youngest billionaire.
- Dewji is CEO of METL, a Tanzanian conglomerate founded by his father in the 1970s.
- Billionaire investor Aliko Dangote of Nigeria tops the list for the 14th year in a row.
The newly released Forbes list of Africa’s 20 richest individuals has sparked headlines across the continent. But for East Africa, it brings a sobering reality—only one representative from the region made the cut: Tanzania’s Mohammed Dewji, who ranks 12th, narrowly missing the continent’s top 10.
According to Forbes; “It was a banner year for Africa’s billionaires, whose cumulative wealth surpassed $100 billion for the first time ever. Africa’s 22 billionaires saw their fortunes rise to a total of $105 billion, up from $82.4 billion and 20 billionaires last year.”
During the year under focus, South Africa had the largest number of billionaires, with seven making the list of Africa’s richest. Next on the list was Nigeria with four on the list and tying position with Egypt, which also spotted four millionaires. The Forbes list includes three billionaires from Morocco, one from Algeria (Isaad Rebrab), one each from Tanzania (Mohammed Dewji) and Zimbabwean Masiyiwa.
Let us review the top of the list and the ‘big jumpers’; Aliko Dangote from Nigeria remains on top of Forbes list of Africa’s richest for the 14th year in a row with an estimated net worth of $23.9 billion, up from $13.9 billion previously. According to Forbes; “The big jump in his fortune is primarily due Forbes adding the value of his refinery, which opened last year on the outskirts of Lagos after long delays.”
The report notes that the refinery struggled for years to take off due to regulatory disputes and other setbacks, but started refining a small amount of oil early 2024 and is slated to reach full capacity this month.
“That has allowed Nigeria–a major oil-producing country–to begin exporting some refined petroleum products,” reads the report. “This is a very, very big relief,” Dangote, is quoted remarking after the refinery started operations.
According to Forbes, Dangote is now one of the world’s 100 richest people, and this his latest project is “a pivotal step in ensuring that Africa has the capacity to refine its own crude oil, thereby creating wealth and prosperity for its vast population.”
“It’s no small feat to generate this level of wealth on the continent, where political uncertainty, currency crises and challenging consumer markets are routine,” the report goes on to read.
To show just what a turmoil year it has been for Africa, the report cites how Zimbabwe changed the country’s Zimbabwe dollar to the ZiG, “a gold-backed currency aimed at curbing the nation’s hyperinflation problem.”
“Still, the growth for Africa’s wealthiest is in line with global equity markets, which rose 22 per cent in the 12 months ended February 2025,” this according to MSCI.
Forbes names the second richest African to be South African luxury goods tycoon Johann Rupert. “Rupert’s fortune rose 39 per cent to $14 billion, the second-largest gain among the billionaires…and has held onto the No. 2 spot since 2022.”
Another billionaire whose fortune grew more than 30 per cent is also a Nigerian, Femi Otedola the chairman of listed power generation firm Geregu Power Plc. “Shares of Geregu surged some 40 per cent in the past year following a jump in revenue and profits,” Forbes details. Otedola’s is ranked 18th with a net wealth of $1.5 billion.
Two African billionaires who made the list in the past and then fell off are back on again. One of them is Anas Sefrioui, a Moroccan housing billionaire, who makes a return to the ranking as shares of real estate firm Douja Promotion Groupe Addoha, which he controls, more than doubled in the past year as the company reported increased home sales.
Jannie Mouton, founder of a South African investment firm, appears once again following a 59 per cent jump in the share price of Capitec Bank Holdings, one of Mouton’s most significant holdings.
Among the four whose fortunes slipped since last year is Zimbabwean telecom magnate Strive Masiyiwa, whose fortune was caught in the crosshairs of the country’s currency change. Forbes estimates his net worth at $1.2 billion, down about 33 per cent from the 2024 list.
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Who is Mo Dewji, East Africa’s richest?
For East Africa, it is Tanzania’s Mohammed Dewji alias Mo Dewji who ranks number one. Also, at 49, Dewji is Africa’s youngest billionaire. Mohammed Dewji is the CEO of METL, a Tanzanian conglomerate founded by his father in the 1970s. Notably according to Forbes, “METL is active in textile manufacturing, flour milling, beverages and edible oils in eastern, southern and central Africa.”
In addition to Tanzania, METL operates in 10 African countries including Uganda, Ethiopia and Kenya.
Dewji is Tanzania’s only billionaire and he is renown for having signed the Giving Pledge in 2016, and by doing so, he promised to donate at least half his fortune to philanthropic causes. Dewji, commonly known as Mo, is now worth $2.2 billion, making him the richest individual across East Africa and the only billionaire from the region to feature on the Forbes list.
Now ranking 12th in Africa, Dewji’s net worth has surged to $1.8 billion last year from $1.5 billion previously. “Despite his immense wealth, Dewji remains committed to job creation and economic empowerment,” local media reports
Forbes notes that he has created 40,000 jobs across 126 businesses and his vision is to expand employment opportunities to 100,000 for Tanzanians and East Africans. “I am deeply committed to empowering my fellow Tanzanians and East Africans through job creation and sustainable business practices,” Dewji stated.
The entrepreneur is also recognized as a dedicated philanthropist thanks to his Mo Dewji Foundation, which among other things, has collaborated with Tanzania’s Ministry of Water to drill, rehabilitate and treat wells, providing over 15,000 people with access to clean drinking water.
Forbes Africa’s richest
The Forbes list is specific for Africans on the continent or whose primary business is on the the continent. “Our list tracks the wealth of African billionaires who reside in Africa or have their primary business there,” Forbes explains.
As such, for example, Forbes Africa’s richest list 2025 does not include Sudanese-born billionaire Mo Ibrahim, because he is a U.K. citizen. The list also excludes South African Nathan Kirsh, who operates out of London and has his business in the U.S. and U.K, Forbes explained.
“Net worths were calculated using stock prices and currency exchange rates from the close of business on March 7, 2025.” Further, the report explains that net worth changes were measured from Forbes’ 2024 African Billionaires list, published in January 2024.
“To value privately held businesses, we start with estimates of revenues or profits and apply prevailing price-to-sale or price-to-earnings ratios for similar public companies,” it explains.
Forbes Africa’s richest: The top 5
1. Aliko Dangote $23.9 (Nigeria)
2. Johann Rupert & family $14 (South Africa)
3. Nicky Oppenheimer & family $10.4 (South Africa)
4. Nassef Sawiris $9.6 (Egypt)
5. Mike Adenuga $6.8 (Nigeria)
